NIAC Limited shares jumped almost 3% after its Q4 results for FY20:
NIAC Limited: It is also known as the “New India Assurance Company” located in Mumbai, Maharashtra. It is a public sector company that provides general insurance across India. However, the company is one of the largest insurance providers in India in terms of gross premiums of the company. The company provides insurance for vehicles, health, property, crop, and aviation insurance. While the company was founded by Dorabji Tata in 1919 and later the company was nationalized in 1973.
Meanwhile, on Wednesday, July 1st, the companies share surge almost 3% in the stock market. The main reason for this is due to the company reported its Q4 results for the financial year 2019-20. The company’s consolidated net profit increased to Rs. 126.60 crores in Q4FY20. While the company also posted its net loss of Rs. 270.54 crores in the same quarter last financial year 2018-19.
Besides, the company’s total revenue also increased to Rs. 7,040.23 crores in this quarter ended on March 31st. While the company also posted its total revenue of Rs. 6,570.11 crores in the same quarter last fiscal year.
In the financial year 2019-20, the companies net profit stood at Rs. 1,417.75 crores as against Rs. 579.79 crores in the same quarter last year. While the companies income from operations for this quarter reported at Rs. 28,046.56 crores as against Rs. 25,272.38 in the same period last year.
However, NIAC Limited reported a bullish trend in the stock market on Wednesday, July 1st. The company gained 2.75 points with a 2.36% increase and reached 119.40 INR. While in BSE, the company gained 2.80 points with a 2.40% increase and reached 119.50 INR.
Stock Market July 1st:
On Wednesday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last three sessions. The Sensex is trading above 35,300 levels and Nifty is trading above 10,400 levels in the stock market. The Sensex gained 425.65 points with a 1.22% increase and reached a 35,338.84 level. While Nifty gained 110.60 points with a 1.07% increase and reached 10,412.70 level.
On the other side, the number of coronavirus cases in India reached 5,85,493 as of Wednesday, July 1st, and deaths reached 17,400.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Wednesday. It gained 36.59 points with a 0.30% increase and reached 12,417.80 level. On the other side, the S&P BSE Midcap lost 3.68 points with a 0.028% decrease and reached a 13,052.74 level. While Nifty Bank gained 541.60 points with a 2.53% increase and reached 21,911.20 level.
Top Gainers on July 1st: Axis Bank, Bajaj Finserv, HDFC, UPL, and Bajaj Finance are the top gainers in today’s stock market.
Top Losers on July 1st: NTPC, Nestle India, Cipla, Larsen & Toubro, and M&M are the top losers in today’s stock market.